Automotive Power Steering Motor Market Size, Share, Industry Trends and Forecast to 2033
This report provides a comprehensive analysis of the Automotive Power Steering Motor market, covering trends, regions, segments, and projected growth from 2023 to 2033. Insights include market size, competitive landscape, and technological advancements.
| Metric | Value |
|---|---|
| Study Period | 2023 - 2033 |
| 2023 Market Size | $10.50 Billion |
| CAGR (2023-2033) | 5.7% |
| 2033 Market Size | $18.52 Billion |
| Top Companies | Robert Bosch GmbH, DENSO Corporation, TRW Automotive, Continental AG, ZF Friedrichshafen AG |
| Last Modified Date | 15 Nov 2024 |
Automotive Power Steering Motor Market Report (2023 - 2033)
Automotive Power Steering Motor Market Overview
What is the Market Size & CAGR of Automotive Power Steering Motor market in 2023 and 2033?
Automotive Power Steering Motor Industry Analysis
Automotive Power Steering Motor Market Segmentation and Scope
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Automotive Power Steering Motor Market Analysis Report by Region
Europe Automotive Power Steering Motor Market Report:
Europe's market was estimated at $2.65 billion in 2023, with a projection reaching $4.68 billion by 2033. European countries impose strict regulations on emissions, pushing the automotive industry toward electric steering systems, thus increasing demand for power steering motors.Asia Pacific Automotive Power Steering Motor Market Report:
The Asia Pacific region accounted for a market size of $2.00 billion in 2023, projected to grow to $3.53 billion by 2033, at a significant growth rate driven by the automotive production surge in countries like China and India, along with growing consumer demand for electric vehicles.North America Automotive Power Steering Motor Market Report:
North America presents a robust market, valued at $3.41 billion in 2023 and anticipated to grow to $6.02 billion by 2033. This growth is fueled by technological advancements and a shift towards electric vehicles, compounded by significant investment from automotive OEMs.South America Automotive Power Steering Motor Market Report:
In South America, the market size was approximately $1.00 billion in 2023, expected to increase to $1.76 billion by 2033. The primary drivers include rising automotive manufacturing and increasing vehicle sales amid a recovering economy.Middle East & Africa Automotive Power Steering Motor Market Report:
The market in the Middle East and Africa was valued at $1.43 billion in 2023, forecasted to escalate to $2.53 billion by 2033. Increasing vehicle ownership and infrastructural development in this region significantly drive market growth.Request a custom research report for industry.
Automotive Power Steering Motor Market Analysis By Product Type
Global Automotive Power Steering Motor Market, By Product Type Market Analysis (2023 - 2033)
The market by product type indicates a significant dominance of electromechanical steering systems, with a market size of $9.02 billion in 2023 projected to rise to $15.92 billion by 2033. Electronic steering systems also show growth, starting at $1.48 billion in 2023 and reaching $2.60 billion by 2033, highlighting the shift towards more technologically advanced steering systems.
Automotive Power Steering Motor Market Analysis By Vehicle Type
Global Automotive Power Steering Motor Market, By Vehicle Type Market Analysis (2023 - 2033)
In the vehicle type segmentation, passenger vehicles dominate the market with a size of $7.09 billion in 2023, projected to grow to $12.51 billion by 2033, while commercial vehicles also show positive growth from $2.24 billion to $3.96 billion, indicating resilience in this sector.
Automotive Power Steering Motor Market Analysis By Application
Global Automotive Power Steering Motor Market, By Application Market Analysis (2023 - 2033)
Applications of automotive power steering motors include OEM and aftermarket sales. The OEM segment currently leads with a market share of 85.95% in 2023, declining slightly over time as the aftermarket segment, valued at $1.48 billion in 2023, shows a growing trend towards $2.60 billion by 2033.
Automotive Power Steering Motor Market Analysis By Distribution Channel
Global Automotive Power Steering Motor Market, By Distribution Channel Market Analysis (2023 - 2033)
Distribution channels for automotive power steering motors encompass direct sales to OEMs, dealerships, and aftermarket parts retailers. Direct sales dominate due to OEM requirements, but aftermarket services are expected to rise in popularity due to increasing vehicle lifespan and maintenance needs.
Automotive Power Steering Motor Market Analysis By Technology
Global Automotive Power Steering Motor Market, By Technology Market Analysis (2023 - 2033)
Technological advancements such as brushless motors, high-torque motors, and energy-efficient system designs are pivotal. The market is witnessing movement towards smart EPS systems integrating real-time adjustments to enhance driver experience, safety, and fuel efficiency.
Automotive Power Steering Motor Market Trends and Future Forecast
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Global Market Leaders and Top Companies in Automotive Power Steering Motor Industry
Robert Bosch GmbH:
A leading global supplier of technology and services, Bosch is known for its innovative automotive components, including advanced power steering systems.DENSO Corporation:
DENSO is a prominent manufacturer in the automotive market, focusing on advanced motors and systems including electric power steering technology.TRW Automotive:
A global leader in the automotive safety sector, TRW is recognized for its contribution to electronic steering and control systems.Continental AG:
Continental specializes in automotive components, and its developments in steering systems reflect its dedication to innovation and driver safety.ZF Friedrichshafen AG:
ZF is a major player in the automotive sector, focusing on innovative steering technologies that enhance vehicle control and driving comfort.We're grateful to work with incredible clients.
